IIC will help further the growth of the private telecommunications sector in the Dominican Republic
08/09/2010Washington, D.C. – The Inter-American Investment Corporation (IIC) approved a loan with participation of up to US$5 million for Wind Telecom, S.A. The IIC will sell a participation of 50% of its investment to the China-IIC SME Equity Investment Trust Fund.
With this operation, the IIC seeks to promote access to telecommunications and subscription television services in the Dominican Republic while supporting a proposal for innovative technology in a market with low penetration and high growth potential.
According to Martín Corredera Silván, IIC Investment Officer in charge of the operation, "This project is expected to have a positive impact on development and innovation in the Dominican telecommunications sector, which is very competitive. It should reduce the accessibility gap and improve and increase connectivity. In addition, the project to be financed calls for making free educational channels available to more than 1,000 public schools over the next two years."
Wind Telecom, S.A.’s core business is the provision of telecommunications and subscription television services, including Internet access. Its subscription television services are currently available to an estimated population of more than four million people. The concessions the company holds for providing these services are valid for up to 20 years. For more information on Wind Telecom, S.A., visit www.wind.com.do.
The IIC is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) Group. The IIC’s mission is to promote the economic development of its regional member countries by encouraging the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size. It does so by providing financing (in the form of equity investments, loans, guarantees, and other instruments) and advisory services to private enterprises in Latin America and the Caribbean. In 2009, the IIC reached US$1.4 billion in assets and approved 40 operations channeling US$299.8 million to SMEs in the region. For more information on the IIC’s activities, please visit www.iic.int.
Contact: Martín Corredera Silván
Telephone: (202) 623-3879